IRS Financial Management: Has There Been Any Improvement? : Hearing Before the Subcommittee on Government Management, Information, and Technology of the Committee on Government Reform and Oversight, House of Representatives, One Hundred Fourth Congress, Second Session, September 19, 1996

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Page 6 - ... $122 billion for fiscal year 1995) cannot be verified or reconciled to accounting records maintained for individual taxpayers in the aggregate.
Page 62 - The amounts of total revenue and tax refunds cannot be verified or reconciled to accounting records maintained for individual taxpayers.
Page 49 - It does not mean that the money the IRS is supposed to be collecting or spending has simply disappeared - or somehow been misappropriated. This has not occurred. The Service has two separate financial processes to track funds: the administrative system that handles our appropriated funds and our revenue system that tracks tax collections. It is important to understand these two different systems in...
Page 2 - IRS's financial statements for any of the four fiscal years from 1992 through 1995. The...
Page 24 - IRS' financial statement amounts for revenue, in total and by type of tax, were not derived from its revenue general ledger accounting system or its master files of detailed individual taxpayer records. The revenue accounting system does not contain detailed information by type of tax, such as individual income tax or corporate tax, and the master file cannot summarize the taxpayer information needed to support the amounts identified in the system. As a result, IRS relied without much success on...
Page 24 - Issues With Revenue IRS' financial statement amounts for revenue, in total and by type of tax, were not derived from its revenue general ledger accounting system (RACS) or its master files of detailed individual taxpayer records. This is because RACS did not contain detailed information by type of tax, such as individual income tax or corporate tax, and the master file cannot summarize the taxpayer information needed to support the amounts identified in RACS. As a result, IRS relied on alternative...
Page 25 - IRS' master files; $433 billion in social insurance taxes (PICA) collected-- this amount was $5 billion less than what was recorded in IRS' master files; and $148 billion in corporate income taxes— this amount was $6.6 billion more than what was recorded in IRS
Page 25 - ... the discrepancy remains uncertain. In addition to the difference in total revenues collected, we also found large discrepancies between information in IRS' master files and the Treasury data used for the various types of taxes reported in IRS1 financial statements.
Page 77 - This hearing is adjourned. [Whereupon, at 12:25 pm, the subcommittee was adjourned...
Page 17 - ... and unsubstantiated amounts highlighted throughout this testimony suggest that information IRS provides during the year is vulnerable to errors and uncertainties as to its completeness and that reported amounts may not be representative of IRS' actual operations. IRS HAS TAKEN STEPS TO IMPROVE ITS OPERATIONS IRS has made some progress in responding to the problems we have identified in previous reports. It has acknowledged these problems, and the Commissioner has committed to resolving them....

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